NEXIM MD IN ANKARA EXPLORES OPPORTUNITIES TO DEEPEN FINANCIAL / TECHNICAL COOPERATION WITH TURK EXIM

Ankara, Turkey, Monday, November 26, 2012 – The Managing Director/CEO of Nigerian Export-Import Bank (NEXIM), Mr. Roberts U. Orya presented a strategic framework to his Turkish counterpart aimed at deepening the already existing collaboration between the two EXIM Banks.

In a statement issued by Mr. Chinedu Moghalu of NEXIM’s Corporate Communication Department shortly after the meeting, the business visit to Turkey was borne out of the need to explore additional off-shore sources of financing to cater to the Bank’s rising profile of investors in the MASS sectors of Nigerian economy.

Joining Mr. Orya in the 1-day visit to Turk Eximbank were high level officials of the African Export Import Bank – AFREXIM Bank from Cairo, Egypt led by the Executive Vice President Finance, Administration and Banking Services, Mr. Denys Denya. Also, other business moguls from Nigeria’s private sector including Chief Sunny Odogwu, the Ide of Ahaba of The Odogwu Group of Companies, were part of the NEXIM delegation.

Receiving the team, Mr. Alaadin Metin, the Deputy General Manager of Türk Eximbank, expressed satisfaction that the NEXIM MD has shown good vision by rekindling the existing relationship between the two Exim Banks which commenced since 2010 but was given a renewed impetus after President Goodluck Jonathan took the initiative to encourage a more mutually beneficial commercial exchanges between Nigeria and Turkey during his official visit to Ankara, Turkey in February 2011 as the official guest of President Abdullah Gül.

Mr. Metin expressed optimism that the present discussion will yield the desired results in line with the already beneficial relationships between the two countries.

Going further, Mr. Orya reminded the Türk Eximbank officials that there is great economic potential between Turkey and Nigeria and that bilateral trade has reached more than a billion dollars as of June 2012. According to the NEXIM MD, Nigeria offers great opportunities toTurkish business in terms of investments in the non-oil sectors of her econmoy, especially in the service sector, namely tourism promotion, establishment of branded hotels, etc which he stressed have high potentials for job creation and foreign exchange earnings.

Responding, Mr. Metin emphasized that Türk Eximbank is a fully state-owned bank acting as the Turkish government’s major export incentive instrument in Turkey’s sustainable export strategy with the mandate to support foreign trade and Turkish contractors/investors operating overseas. Its main objectives are promoting Turkey’s exports through diversification of exported goods and services by increasing the share of Turkish exporters in international trade, finding new markets for traditional and non-traditional export goods and providing exporters and overseas contractors with support to increase their competitiveness and to ensure a risk-free environment in international markets.

As a means of aiding export development, like its Nigerian counterpart, the Türk Eximbank offers specialized financial services through a variety of credit, insurance and guarantee programs. The Türk Eximbank has a fully paid-up capital of 2billion Turkish lira or about $1.4b as at end of 2009.

About NEXIM Bank – The Nigerian Export-Import Bank was established by Act 38 of 1991 as an Export Credit Agency with the broad mandate to promoting the diversification of the Nigerian economy and deepening the external sector, particularly the non-oil through the provision of credit facilities in both local and foreign currencies; risk-bearing facilities through export credit guarantee & export credit insurance; business development and financial advisory services etc.

In pursuit of its mandate of promoting export diversification and deepening the non-oil sector, the Bank’s current strategic initiatives are targeted towards boosting employment creation and foreign exchange earnings in the Manufacturing, Agro-processing, Solid Minerals and Services (Tourism, Transportation and Entertainment) industries.